Deep Dives

Deep Dives
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McGlinchey is pleased to present “Deep Dive” sessions into all things consumer finance. Each series will last 2-3 months, delivering content laser-focused on a certain regulation or topic at the top of your mind, delivered by attorneys across our various teams and spanning our geographic footprint.

From articles and podcast episodes to webinars and client-only, live Q&A sessions, this digestible material will be delivered directly to your inbox, geared towards your busy schedule, and drilled down right to the good stuff. Check out each series below.

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Fair Credit Reporting Act

The Fair Credit Reporting Act (FCRA) impacts every aspect of a U.S. consumer’s life. Consumer reports are obtained by lenders, employers, landlords, and even utility companies, impacting the cost of credit and everyday services, as well as the ability to obtain employment or access housing. It is the subject of regular litigation as well as regulatory enforcement action and thus deserves particular attention. If your business currently obtains consumer reports or plans to obtain consumer reports as part of a new venture, how does the FCRA impact your business and what should you be thinking about?

Introduction  |  April 21, 2021

Fair Credit Reporting Act: Policy Check In – Permissible Purpose  |  May 6, 2021

When is it a Firm Offer of Credit?  |  June 17, 2021

Bank Secrecy Act

The Bank Secrecy Act (BSA) is the United States’ most important anti-money laundering (AML) regulation that requires banks, money services businesses, FinTechs, and other financial institutions to assist U.S. government agencies to detect and prevent money laundering. To achieve compliance with BSA/AML, financial institutions must navigate a range of regulatory requirements which focus on reporting, liaising with authorities, and building internal anti-money laundering controls. That process involves important considerations that this series will address, such as:

  • The scope of BSA and whom it applies to
  • Drafting sound BSA/AML policies and procedures
  • BSA, Customer Identification Program (CIP), and Office of Foreign Assets Control (OFAC) for “loan or finance companies”
  • Suspicious Activity Reports (SARs) for marijuana-related businesses

Introduction  |  September 2, 2021

Podcast: BSA, OFAC, KYC, and CIP – What do they mean to me?  |  September 15, 2021

Webinar: 5 Pillars of BSA Policies and Procedures  |  September 16, 2021

DeFi (Decentralized Finance)

The world of decentralized finance, blockchains, virtual and cryptocurrency have grown exponentially in recent years. Many financial institutions are looking to enter or expand their operations in the digital economy, but the regulatory environment gives many pause. Many organizations think that because they don’t directly engage in mining cryptocurrency, they are not subject to laws regarding DeFi activity, but there’s much more to it than that. From licensing and vendor management to money transmission and payment rails, where do my obligations begin?

Introduction: Video  |  August 9, 2022

Introduction: Podcast  |  August 22, 2022

Primer: Understanding DeFi: Words Have Meaning, But What Do They Mean?  |  September 8, 2022

Podcast: DeFi and Digital Assets: What do the UCC Amendments Mean for Business Transactions?  |  September 19, 2022

Webinar: When Is Virtual Currency Treated as Currency Under State Law  |  September 30, 2022

Cryptocurrency's impact on BSA/AML and Sanctions programs  |  October 11, 2022

Podcast: DeFi and Tax: How are digital currencies treated by the IRS?  |  October 27, 2022

Podcast: How does DeFi impact insurance, employment, and litigation?  |  November 8, 2022

Podcast: Governing an Algorithm? The DeFi and Crypto Enforcement Landscape   |  November 29, 2022

Webinar: Client-Only Q&A  |  November 30, 2022

Privacy

The world of cybersecurity and privacy have grown exponentially in recent years, both on the federal and state level. A pandemic-driven shift to remote has increased social media interaction and electronic communication, and state and federal governments are increasingly focusing on big data and the use and sharing of consumer information. What does state-level legislation, such as the California Consumer Privacy Act, or the updated Federal Trade Commission (FTC) Safeguards Rule for the Gramm-Leach-Bliley Act mean for the financial services industry? What should the financial services industry be thinking about with regard to data protection, privacy, and security?

Introduction: Video  |  January 27, 2023

Podcast: Data Privacy and Info Security in Finance: The Lay of the Land   |  February 8, 2023

Think You Are Not Privacy Counsel? Think Again. A Webinar on What You Need to Know.  |  February 15, 2023

GBLA or FCRA? Data Sharing Between Affiliates and Non-Affiliates.  |  March 17, 2023

Webinar: Deep Dive into Privacy and Bank Partner Programs  |  March 22, 2023

Webinar: Deep Dive into Privacy Clients Only Q&A  |  April 12, 2023

 

Payments

The world of payments has grown exponentially in recent years. The Consumer Financial Protection Bureau (CFPB) has continued its activity around Unfair or Deceptive Acts or Practices (UDAP), fees, and what the CFPB calls dark patterns, including in-app purchases. Businesses navigating the impact of licensing in the payment space and whether or not a business is within the flow of funds such that it requires a money transmission license, may have concerns. How are bank partnership relationships structured, and what issues affect them in this space? What should the financial services industry be thinking about with regards to regulatory risks, error resolution, unfair trade practices, fees, customer experience and protection around payments?

Introduction: Video  |  July 17, 2023

Webinar: Emerging Issues in Payments  |  July 25, 2023

Podcast: Deep Dive Into Payments: Impacts of Money Transmission Laws  |  August 25, 2023

Deep Dive into Payments: Q&A on Bank Partnership Considerations  |  September 14, 2023

Clients-Only CLE Deep Dive into Payments   |  October 3, 2023

Bank Partnerships

Bank partnership programs have grown exponentially in recent years as a collaborative framework for banks and non-depository institutions to offer innovative and unique products to their customers. Navigating the modern financial services regulatory ecosystem remains a challenge. Banks and their partners must closely assess everything from program requirements and contractual structures to compliance requirements, licensing hurdles, true lender concerns, and other issues at the state, federal, and even international levels.

Introduction: Video  |  May 30, 2024

Podcast: Deep Dive into Bank Partnerships: Lending, Litigation, Legislative Trends, and True Lender  |  June 26, 2024

Bank Partnerships in an Evolving World  |  July 18, 2024

Podcast: Deep Dive into the Regulatory Landscape of Bank Partnerships Featuring American Fintech Council CEO, Phil Goldfeder   |  September 10, 2024

Insights

Deep Dive into Consumer Finance

Podcast: Deep Dive Into Payments: Impacts of Money Transmission Laws

August 25, 2023

Today we're going to be talking about money transmission and how money transmission laws can impact people that are in the payments space and find themselves in the flow of funds or providing any kind of payment services to third parties.

Event

Deep Dive into Payments Clients-Only CLE

October 3, 2023

The final installment in McGlinchey’s Deep Dive Series covering all things payments is a client-only CLE webinar featuring attorneys from McGlinchey’s Financial Institutions Compliance team.

Deep Dive into Consumer Finance

Deep Dive into Payments: Emerging Issues in Payments Webinar

July 25, 2023

Join us to hear McGlinchey attorneys discuss innovations in the payments environment and developing payments applications. Aaron Kouhoupt, David Tallman, Rachael Aspery, and Heidi Urness will explore issues ranging from error resolution responsibilities, money movement and challenges entering the payment networks, as well as cannabis business challenges. date & time Tuesday, July 25, 202311 amMore

Deep Dive into Consumer Finance

Introduction: A Deep Dive into Payments

July 17, 2023

In this introductory video, Members of our Financial Institutions Compliance Team, Aaron Kouhoupt (Cleveland) and David Tallman (Dallas/Houston), will discuss this fascinating and vibrant subject matter while giving you a breakdown of the content you can expect in the coming weeks.

Event

Webinar: Deep Dive into Privacy Clients Only Q&A

April 12, 2023

Join McGlinchey Members Aaron Kouhoupt, David Tallman, and David Thompson to recap the McGlinchey Deep Dive into Privacy Series. They will be taking questions during this free session for all McGlinchey clients.

Deep Dive into Consumer Finance

GLBA or FCRA? Data Sharing Between Affiliates and Non-Affiliates

March 17, 2023

When an entity shares data outside of its organization, the following questions often arise: Does the FCRA or GLBA (or both) apply to the specific type of data sharing? And how do these laws impact my company’s financial privacy notice? The answer to these questions comes down to the relationship between the Gramm-Leach-Bliley Act (GLBA,More

Deep Dive into Consumer Finance

Podcast: Data Privacy and Info Security in Finance: The Lay of the Land

February 8, 2023

In the age of big data, it's more important than ever to understand your obligations relating to your customers’ private information. Information can be utilized by bad actors in a variety of ways that can be harmful to both you and your consumers.

Deep Dive into Consumer Finance

Introduction: A Deep Dive into Privacy

January 27, 2023

The world of cybersecurity and privacy have grown exponentially in recent years, both on the federal and state level. A pandemic-driven shift to remote has increased social media interaction, and electronic communication with state and federal governments increasingly focused on big data and the use and sharing of consumer information.

Deep Dive into Consumer Finance

Podcast: Governing an Algorithm? The DeFi and Crypto Enforcement Landscape

November 29, 2022

The regulatory framework for cryptocurrency and DeFi in general is still a little murky. That hasn't stopped regulatory bodies from bringing enforcement actions against players in this space. What's on the horizon when it comes to investigation and enforcement activity in the decentralized finance space?

Event

Deep Dive into DeFi Clients-Only Q&A

November 9, 2022

The final installment in McGlinchey’s Deep Dive Series covering all things decentralized finance (DeFi) is a clients only webinar featuring attorneys from McGlinchey’s Financial Institutions Compliance team. 

Alert

Cryptocurrency’s impact on BSA/AML and Sanctions programs

October 11, 2022

The market for digital assets has exploded in recent years. Digital and virtual currency activities provide great opportunities financially and technologically. However, such currencies can be utilized for illicit activity through exchanges, peer-to-peer exchangers, mixers, and darknet markets, which increase the risk of money laundering and terrorist financing. Financial institutions and other industry players haveMore

Event

Webinar: When Is Virtual Currency Treated as Currency Under State Law

September 30, 2022

Virtual Currency, Digital Currency, or Cryptocurrency: no matter the term used to describe this trending form of monetary value, incorporating it into your business may trigger money services regulatory concerns as well as other regulatory considerations. FinCEN and many individual state regulatory agencies oversee the transmission of non-fiat value to consumers. In addition, a Fintech may have additional regulatory obligations despite partnering with licensed entities to conduct business.

Deep Dive into Consumer Finance

Understanding DeFi: Words Have Meaning, But What Do They Mean?

September 8, 2022

Perhaps the most challenging (and intimidating) part of Decentralized Finance is understanding all the terms and industry jargon—many of which are new and technical while others are as old as time but commonly misunderstood.

Deep Dive into Consumer Finance

Podcast: A Deep Dive into DeFi, or Decentralized Finance

August 22, 2022

In this episode of "More with McGlinchey," Aaron Kouhoupt and Robert Savoie (Cleveland) discuss the fascinating and vibrant world of decentralized finance, blockchains, virtual and cryptocurrency.

Deep Dive into Consumer Finance

Introduction: A Deep Dive into DeFi Decentralized Finance

August 9, 2022

The world of decentralized finance, blockchains, virtual and cryptocurrency have grown exponentially in recent years. Many financial institutions are looking to enter or expand their operations in the digital economy, but the regulatory environment gives many pause.

Deep Dive into Consumer Finance

Podcast: BSA, OFAC, KYC, and CIP – What do they mean to me?

September 15, 2021

The Bank Secrecy Act and parts of the U.S. Patriot Act's OFAC requirements have seemingly similar goals: to prevent money laundering and the funding of terrorist activities. Yet a lively debate surrounds which entities are covered by these acts, what the acts stipulate, and what entities must do to comply with them.

Event

Webinar: 5 Pillars of BSA Policies and Procedures

September 16, 2021

The next installment in McGlinchey’s Deep Dive Series covering all things Bank Secrecy Act is a webinar featuring attorneys from McGlinchey’s Financial Institutions Compliance team as well as CAMS certified managers from Crowe LLP.

Deep Dive into Consumer Finance

Introduction: A Deep Dive into the Bank Secrecy Act

September 2, 2021

The Bank Secrecy Act (BSA) is the United States' most important anti-money laundering (AML) regulation that requires banks, money services businesses, FinTechs, and other financial institutions to assist U.S. government agencies to detect and prevent money laundering.

Deep Dive into Consumer Finance

When is it a Firm Offer of Credit?

June 17, 2021

Creditors often ask when the Fair Credit Reporting Act’s (FCRA) rules relating to firm offers of credit apply. Do they apply when the creditor makes a prequalified offer? Does that change if the creditor makes a prescreened or preapproved offer? What is the difference between these terms?! The answer comes down to two words – permissible purpose.

Event

Webinar: How Can the FCRA Impact Your Business?

May 20, 2021

The next installment in McGlinchey’s 14-week series covering all things Fair Credit Reporting Act is a webinar featuring attorneys from McGlinchey’s Labor and Employment and Consumer Financial Services Compliance and Litigation teams.

Deep Dive into Consumer Finance

Fair Credit Reporting Act: Policy Check In – Permissible Purpose

May 6, 2021

The FCRA governs actions of CRAs, users of consumer reports, and the parties that furnish information to the CRAs. A comprehensive FCRA Policy should be tailored to your entity and reflect how it will actually obtain, use, and share consumer reports, in enough detail to match the complexity of your operations.

Deep Dive into Consumer Finance

Introduction: A Deep Dive into the Fair Credit Reporting Act

April 21, 2021

The Fair Credit Reporting Act (FCRA) impacts every aspect of a U.S. consumer’s life. Consumer reports are obtained by lenders, employers, landlords, and even utility companies, impacting the cost of credit and everyday services, as well as the ability to obtain employment or access housing.